New Delhi— The Life Insurance Corporation of India (LIC) on Saturday clarified that its investments in Adani group companies were made independently and strictly in line with board-approved policies following detailed due diligence.
In a statement posted on X, LIC emphasized that neither the Department of Financial Services (DFS) under the Union Finance Ministry nor any other authority had any role in its investment decisions. “The investment decisions are taken by LIC independently as per Board-approved policies after detailed due diligence,” the statement said.
India’s largest insurer highlighted that its investment approach has always been based on company fundamentals and compliance with regulatory frameworks. LIC’s investment value in India’s top 500 companies has risen tenfold since 2014 — from ₹1.56 lakh crore to ₹15.6 lakh crore — showcasing its robust fund management strategy.
The clarification came in response to a Washington Post report alleging that officials had influenced LIC’s investment in Adani group entities earlier this year, when the conglomerate was under scrutiny in the United States. The report mentioned LIC’s May 2025 investment of USD 570 million in Adani Ports & SEZ (APSEZ), a company with India’s highest ‘AAA’ credit rating.
Rejecting the claims, LIC stated that the report appeared intended to “prejudice the well-settled decision-making process of LIC and tarnish the reputation of both LIC and India’s financial sector foundations.”
LIC, which manages over ₹41 lakh crore (USD 500 billion) in assets, is India’s largest institutional investor. It holds stakes across 351 publicly listed companies spanning all major sectors and also invests heavily in government and corporate bonds, ensuring a diversified risk profile.
The insurer said its exposure to the Adani Group is less than 2% of the conglomerate’s total debt. Global financial institutions such as BlackRock, Apollo, Japan’s Mizuho and MUFG banks, and Germany’s DZ Bank have also invested in Adani debt, reflecting global investor confidence.
As of 2025, LIC’s portfolio includes significant equity holdings — ₹1.33 lakh crore in Reliance Industries (6.94%), ₹82,800 crore in ITC (15.86%), ₹64,725 crore in HDFC Bank (4.89%), ₹79,361 crore in SBI (9.59%), and ₹5.7 lakh crore in TCS (5.02%). In comparison, its Adani stock holdings are valued at around ₹60,000 crore or roughly 4%.
